Takana's debt free journey

Hi all, after lurking on the DFW board for a little while I thought I'd join in and start a diary or what not of my debt free journey. Although, I must say, I am hopeless at keeping diaries :rotfl:

I have been in debt since I turned 18 and was able to get a credit card. I keep and breed geckos (small lizards) and was always buying more. I would spend hundreds in one go on tanks, supplies and the geckos themselves. At the time it didn't matter though as I was living at home and could pay the monthly payments. Then when I was 20 I got a £4000 loan to buy a motorbike, CBT training and gear. A year later I sold that bike and bought a new one with the left over of the loan. But the debt really started once I moved into a flat with my fiance over 3 years ago. As soon as I moved out, my full time job became part time (despite agreement from my then manager that this would not happen!), and so I lived off the credit card. When this got to over £6000 I took out a £10,000 loan over 10 years to pay off the credit card, my first loan, my mum back and to give me something to live on. Within this time, I got another job and left the original one. This job then became a proper full time one. I paid off my credit card which was such a relief as the repayments were £200 odd a month. I however, didn't pay off the loan and just used the money to pay the repayments and put the bulk of what was left into my savings. This has since dried up and I currently have £5.42p left of it. I am constantly going over drawn, sometimes several times a month, each time costing £35. I was even charged £35 for going over drawn by 67p once :eek: Everyone says to complain but at the end of the day, it's my fault I went over drawn. I refuse to get an overdraft as I'll never get out of it otherwise.

So as things stand now:

Loan 1: £4000 - only have one payment left!!!!
Loan 2: £10,000 - 9 years left
Credit card: £862 - £850 is the limit and I am over it even though I'm not spending on it :mad:
Camera lens: £1000 - it's under a £1000 but can't remember the exact amount off the top of my head so I have rounded it up. I have until Jan 2010 to pay it off in full or I start montly payments for about 4 years.

I know getting the £10,000 loan was a bad idea, I am stuck with it for 10 years. But it helped me out of a much bigger hole at the time so in that respect, I don't regret it.

My debt situation has been even more sensitive since I've been off work due to back and shoulder problems since Jan 17th. I am off for another 2 weeks in which time I should've hopefully seen the physio again. I am still getting paid but only the basic ofc. And now it looks like I wont be able to do my current job anymore so I'm scared I'll get sacked unless they put me on another department. It's all a worrying time. My finace hates it. We always argue over my debts.

But, since I've had all this time off, I've had time to think and look at my situation. I have only 1 more payment left on my first loan :T This months is already in the account waiting so Im not counting that. I can't tell you how much I am looking forward to next month! I'll be £112.50 better off each month and thats a lot! I'll still need to phone the loan company to double check it's all finished, there might be a small amount tagged on the end. But essentially, it will be gone!

My next goal is to get rid of my credit card. Then I'll give it back to my mum to look after and wipe it off Paypal/Amazon etc so I can no longer spend on it. I did this after I paid it off last time and it worked well until I got in trouble again. It's only £850 so I hope I'll be able to do it quickly. I have started a savings jar for it. All my 5p's and 10p's are going to be saved up and put towards paying it off.

Today I have written a letter to cancel my joint gym membership for me and my finace. I really wanted to keep it, but I have to be honest with myself, I am not going to use it again so I'm better off saving myself £76 a month. I will post it tomorrow and it's a 3 month notice which starts from the 1st. So I'm looking at July.

So hopefully by July I'll be £188.50 better off each month!

My next major thing hanging over me is my motorbike. I don't ride it anymore and haven't done for about 2 years. I have the insurance coming up in June/July and its about £300 so I need the bike gone before then. I need to get it fixed first as it's been subject to abuse from passers by trying to nick it. It's not in a ridable condition. I know I'm not going to get much for it, but somewhere between £500 - £800 would be good. What ever I get for it will go towards my credit card.

So this is my story, wow I've really made it a long one haven't I!!